Shares at KCOM have soared by a third today, as the company looks set to be sold for more than £500m.

News broke on Wednesday afternoon that shareholders at KCOM had been recommended to approve the £504m from Humber Bidco Ltd – a subsidiary of pension fund Universities Superannuation Scheme.

More than 50,000 people in Hull bought shares in KCOM when the business was first floated on the London Stock Exchange in 1999.

The popularity of the share sale to the public was so great, demand exceeded the supplies of the stock.

Since the expected acquisition of KCOM was announced on Wednesday afternoon, shares at the company have soared by more than 33 per cent.

Steve Maine, then chief executive at Kingston Communications, announced in 1999 that the business was to float on the Stock Exchange.

Speaking of the offer to buy KCOM, the company’s interim non-executive chairman, Patrick De Smedt, said: "The board believes that USSL's offer for KCOM provides, on completion, both meaningful, guaranteed cash returns for shareholders as well as a strong, supportive partner in our endeavours to take the business forward to new successes.

“The board believes that the offer of 97p per share represents a compelling opportunity for shareholders to realise an attractive cash value in respect of their shares and recognises the quality of KCOM's businesses and the strength of their future prospects.

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